Amber Group Transfers USDC and Cryptocurrencies from Coin Exchange After Paxos Incident

02/14/2023 14:18 • Metaverse Matters • 89 views

On February 14, according to Tom Wan, a research analyst at 21. co, the parent company of 21Shares, disclosed on social media that after the “Paxos incident”, the data on Ethersacan chain showed that Amber Group transferred USDC worth 20.75 million from the Coin Exchange, and then deposited USDC worth 14 million in Coinbase. In addition, Amber Group also extracted FET of US $3.8 million, GRT of US $295000 and USDT of US $99000 from Coin.

After the “Paxos event”, Amber Group proposed crypto assets worth nearly US $25 million from Coin Security

Analysis based on this information:

The message reports the transfer of USDC and several cryptocurrencies by the Amber Group from Coin Exchange following the “Paxos incident”, as revealed by Tom Wan, a research analyst at 21. co.

The “Paxos incident” refers to a recent glitch in the centralized finance (CeFi) platform Paxos, which may have caused incorrect balances and transactions for certain users. This incident may have prompted the Amber Group to move its assets to a more secure and reliable platform such as Coinbase.

Specifically, the data on Ethersacan chain shows that the Amber Group transferred USDC worth $20.75 million from the Coin Exchange, which may have been affected by the Paxos incident, and then deposited USDC worth $14 million in Coinbase. This suggests that the Amber Group may have been concerned about the safety and stability of its funds, and decided to move a significant portion of them to a more reputable exchange.

In addition to USDC, the Amber Group also extracted FET of US $3.8 million, GRT of US $295,000, and USDT of US $99,000 from Coin. These cryptocurrencies may have been affected by the Paxos incident as well or simply transferred for diversification purposes.

Overall, this message highlights the importance of security and risk management in the cryptocurrency industry, especially in CeFi platforms that rely on centralized infrastructure and custody. It also underscores the role of transparency and data analysis in tracking and interpreting the movements of large players such as the Amber Group.

Keywords:

– Security
– CeFi platforms
– Transparency

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